Kip McGrath Education Centres Ltd (ASX: KME) agreed to acquire a 70% stake in Tutorfly for $1 million on September 1, 2021. Kip McGrath will take a 70% stake in the business for an initial payment of USD 500,000 via its newly incorporated subsidiary, Tutorfly Holdings Inc. The remaining 30% will be held by the Founders through their existing company, Tutorfly Inc. Kip McGrath will make a further payment of USD 500,000 to Tutorfly Inc. when Tutorfly achieves USD20,000 per month net revenue targets (calculated as revenue less tutor fees). The Tutorfly Team is especially excited to team up with Kip McGrath to further equip Tutorfly Tutors and students with proprietary Kip McGrath content, curriculum and training materials. The transaction is conditional on a number of standard corporate conditions precedent being satisfied or waived, including all relevant IT and telecommunications systems being in place for Tutorfly Holdings Inc. to operate the business.Tutorfly Inc. entering into an agreement to provide software and business advisory support to Tutorfly Holdings Inc. on terms satisfactory to it. Tutorfly Holdings Inc. receiving duly executed copies of all required third-party consents, approvals and assignments (including any assignments of software licenses) required to effect the sale. Completion of the acquisition is expected to occur in September 2021. Kip McGrath Education Centres Ltd (ASX: KME) completed the acquisition of a 70% stake in Tutorfly in September 2021. Kip McGrath Education Centres Ltd is pleased to announce that the first revenue milestone for the US based Tutorfly business has been reached, being $0.02 million net monthly revenue.